The European Bank for Reconstruction and Development (EBRD), a UK-based government organisation for emerging markets, has launched a venture capital programme for technology companies in the southern and eastern Mediterranean.
The fund will invest in 10 to 20 companies over four years. Bakhrom Ibragimov, manager of the technology venture capital facility at EBRD, said: "Yes, we would co-invest alongside corporate VCs in select case by case opportunities."
Varel Freeman, EBRD’s first vice-president, said: "Recognising the gap in the market, the Bank’s €100m [$130m] venture capital programme will co-invest alongside investors in innovative technology companies operating within the Bank’s countries of operations, with the aim of catalysing investors’ interest and supporting the emergence of a venture capital ecosystem in our region."